Tower Records Announces Chapter 11 Bankruptcy
Tower Records has officially filed for Chapter 11 bankruptcy protection. Talk of the filing increased in industry circles as Tower recently failed to fulfill its financial obligations to record labels that extended credit or product to the retailer. Tower’s filing with the court remarked, “the brick-and-mortar specialty music retail industry has suffered substantial deterioration recently…this process, which is...
Directed Electronics Purchases Polk Audio For $136 Million
Directed Electronics, Inc. announced that it has entered into a definitive agreement to acquire Polk Audio, a leading provider of high performance home and mobile audio equipment for $136 million in cash. Current Polk management will be joining the Directed team after the acquisition which is scheduled to close during the third quarter of 2006. “The acquisition of Polk, with its leading consumer brand, complements our current...
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